Success Story: From retirement fears to retirement focus

Posted on: February 18, 2014

Feb 18 blog post image

How much do you need to retire? 

Did that question make your stomach do a little flip? If it did you’re not alone. The question, “Will I have enough?” is on many people’s minds when they think about retirement.

When Lisa (not her real name)  went to see an advisor at her bank she was told she needed $2 million by retirement and that she’d better start saving now. There were no conversations about her options, about different scenarios, or about specific action steps. It’s no surprise that she says she walked away feeling overwhelmed, distressed and chastised.

The only action step she took was to retreat back into financial avoidance.

The advisor’s analysis may have been correct based on the criteria he used for calculation, but what the formula and advice lacked was Lisa. What did Lisa expect her retirement to look like? What would her expenses be? What could Lisa do in her current circumstances to move toward her retirement goal?

Eventually she hired a Money Coach and they sat down and had an honest, respectful discussion about Lisa’s future. The advisor had been correct that Lisa needed to save money, but with her Money Coach that advice had become a specific amount – roughly $500 a month.

Lisa didn’t necessarily have $500 a month to save right then, but now she did have a tangible, realistic goal that she could focus on. Instead of feeling overwhelmed she felt inspired, motivated and even excited, to organize her finances and to create a workable plan.

The lesson from Lisa’s story is the importance of choosing an advisor that asks you about your vision of retirement and treats your current situation with respect. You should never leave a discussion on your financial future feeling more overwhelmed than when you entered. No matter what your situation there is always a first step that leads you back to a sense of control and optimism.

Do you know how much you need to retire?  

Don’t let your fear of the answer keep you from asking the question.


If you’d like a FREE consultation with a Money Coach visit our Coaches page.



Category(s): Retirement savings, Success Stories
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