Good afternoon Practitioners,
In retirement one has plenty of time to think about life in general (particularly when I am not playing golf!!) and one of the constants that I ponder is why we, as a profession, seem so reluctant to let the reins go??
I have spoken to hundreds of practitioners, from one man bands to partners in multinational practices, and the constant that I came across was this reluctance to go!!
It puzzled me, because a simpler, less stressed lifestyle has much to be admired about it.
My reflections led me to two possible explanations, both based on my dealings with the aforementioned practitioners.
- You are scared of the unknown. What will I do? I will have 40 to 60 hours a week to fill in! Now of course that is a fallacy as in most cases of retirement there is a ‘consultancy’ period when the work load gradually reduces. (Be warned however that a large percentage of these do not work out as expected). This is where planning before you retire comes in – get a hobby, learn to play golf, tiddlywinks or whatever! Become an ideal grandfather, volunteer or start to read that pile of books beside your bed. The possibilities are endless.
- You do not have enough money to retire. This was a lot more common that you would believe when I got to the nitty-gritty. Yet again, fear plays a big factor in this. How much is enough? How long is a piece of string!? I am personally amazed at the number of retirees that I know whose experience of overseas travel has curtailed any future trips! And looking at things pragmatically what else is there to do with your money?
Both these concerns maybe a real fear but get through the fog and just do it! The benefits and enjoyment are immense!
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