Photo taken in May 2011, Norway, Oslo, Sculpture Park
What I want to do for all my clients is to help them create a retirement plan while they are still working, say Age 45, and assured them that by putting aside X amount of their money for their retirement plan every year, they should be able to achieve the retirement lifestyle they desire.
Thus, knowing that their retirement plan is in place, I would encourage them to set aside Y amount of money to do meaningful and adventurous activities.
Meaningful activities like bringing their parents for holiday or enjoy a great meal with them more often. And doing adventurous activities with your spouse and family, like parachuting, bungee jumping, water rafting, rock climbing, roller coasting. More importantly, to create a bonding with their parent and children.
Believe me, adventurous activities must be done when you are younger, you do not want to keep saving aggressively from Age 40 and by 65, you decide that $1. 5 million of savings is enough for your retirement and you can start spending.
This is a bad idea, because by then, you probably will not be able to do bungie jump because you have high blood pressure, cannot climb the glacier because you have gout or arthritis, cannot go Alaska or see northern lights because the cold is unbearable. And you would have wished that time can goes back to when you are much younger.
I have this clients, husband and wife Age 65 & 63, whom I have known for 16 years. They both agreed to retire at Age 62 and 60 but husband continues to work after Age 62. I have help them create a Yearly Retirement Income of about $100,000 and had been telling them to retire 3 years ago.
Unfortunately, 6 months ago, his wife who had retired 3 year ago, is diagnosed with Parkinson disease. I have since help to make the insurance claim for his wife and the husband told me that he should have taken my advice to retire 3 years ago and travel more with his wife.
My objective is to help all my clients to enjoy more and regret less in all situations.