When helping clients set goals, how many have ideas more than just that they want to retire with the maximum possible amount? What are some of the most interesting and unusual goals you've been told and helped happen?
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Simon Boylan answers
Not a lot I’m sorry to say! As an adviser, my job would be much easier if people were able to list defined, measurable and accountable goals. Too many people retire with the idea that “I just want enough money to live on so I can play golf, how much do most people live on?”. Never having really given any thought to it, it is then becomes our job to drill down into this.
“How often do you want to play golf?”, “Where at?” “What about your Wife, what does she want to do” “Does the car need an upgrade?”, “How long since you’ve had a holiday?” “How long do you think you’ll stay in your current home” etc, etc, etc.
My favourite was the couple who were retiring in a month and hadn’t really given any thought to what they were going to do other than not go to work. When I mentioned maybe a couple of months in Europe would be nice, their eyes lit up. I dug further and discovered it was something they’d talked about, but never seriously, not thinking they could afford it. We then discussed a budget for such a trip.
As part of our Retirement plan I had a full Itinerary prepared for them, Hotels, flights, sightseeing, all costed to budget for 60 days in Europe. They were ecstatic and it was a real tangible benefit for them of the type of retirement they could afford.
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