by Michael Hart, CFP®
Investment Advisor Representative
[email protected]
At Franklin, we meet with clients every day to navigate the complexities of retirement. Of the many things we discuss—investments, Social Security, estate planning, where to get a good sandwich anymore—one of the hardest to tackle is convincing lifelong savers to spend their money. Particularly in those early, active years of retirement.
Most retirees are worried about running out of money. Consequently, many retirees live far below their means, spending well under the commonly recommended 4% withdrawal rate. While this conservative approach protects against running out of money, it often comes at the cost of a lower quality of life during the years when you have the health and energy to enjoy it most.
As Peter often says, retirement can be broken into three phases: the Go-Go Years, the Slow-Go Years, and the No-Go Years. The reality, though, is that no one knows how long each phase will last—or even if you’ll be fortunate enough to experience all three. That’s why it’s so important to seize opportunities for enjoyment during the Go-Go phase, when you have the most freedom and vitality to check off your bucket list.
We understand it’s not easy to shift from the mindset of scrimping & saving to one of confident spending. After all, it’s your discipline and careful planning that got you here. But if you’ve worked hard to build a secure financial foundation, why not give yourself permission to enjoy it?
At Franklin, we take pride in ensuring folks have “safe money”—funds that will be there no matter what happens in the market—to keep the lights on, the heater running, and all your basic essentials provided for. Think of this as a promise to your future self, giving you the freedom to focus on what matters most: creating meaningful memories, pursuing passions, and sharing your wealth with loved ones.
If you’re a data-lover—and I’m fully aware that some people fully rely on objective data while others readily discard hard facts in favor of their own opinions—you’ll be comforted to know that numerous studies show that folks who prioritize experiences over economics—family vacations, travel, or even financially supporting their children—report greater satisfaction in life. And as your trusted advisors, we’re here to help you align your spending with your values and give you the confidence to live your retirement to the fullest.
Life is for living. Let’s make sure you don’t miss the chance to make the most of it.
Life comes at you fast. If you don’t stop and smell the flowers every once in a while, you might miss it.