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 next year, after they, “just got a 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 today’s 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 financial adviser.

The key is to set your goals, 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.

Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.

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