Damian Stancombe’s Post

Is there a Solution? I really need to get back to work. My mind has stopped going down rabbit holes and is now doing whole warrens. My latest burrow is around the idea of solutions trigged by a Ted Talk I stumbled over. The gist is we dismiss, drink, drugs or indeed religion as, not a solution to the problem/trauma we are facing. The Talk made the salient point they were indeed solutions though maybe not necessarily "perfect" ones for the individual or indeed societally acceptable. This idea of perfect/ imperfect was re triggered by a LinkedIn post today with a business articulating their solution to the ills of #retirement. To me it appears an intricate investment solution that talks about tailoring to the individual. Which put it, to me, in the less perfect solution, remembering that doesn't mean it's bad just is it the best thing for the individual? To me the solution to retirement starts 40 years before the event. Simply put if you have not much above nowt in your pot at #retirement and assuming you haven't gone down the religious route of believing in miracles you are screwed. Continuing work or an acceptance of a life below subsistence is your reality. But assume you have been sensible and saved as best as educated to. You now have choice but how do you know what the solution looks like? By mapping (envisionment) out your needs yes it's #Maslow against your longevity and overlayed by your physical and mental health over this period. Add into that mix your partner as although it's a one way ride there is room for two. None of the above yet has anything to do with investing or product for that matter. And before we even start to pull those into the mix we need to better understand our other non #pension assets that we have and what and when we need to pull the lever on them. ISAs, Equity Release or just State Benefits. How would we like to spend our amassed wealth over what is left of our lives and indeed do we leave a little £ behind? Now we are building a picture of our needs albeit framed at a single moment, so this needs to be fluid as events change on a sixpence. But we are seeing, as are they, the solution from the individuals/ household perspective not one of product or product provider. Whether this equates to a perfect solution is one to debate. But it starts where it must the individual making it as clear as possible what they want, understanding their limitations maybe due to the pot size or health and tailoring life accordingly. Now we are ready for products and investments to cover the question of longevity, cover against declining health and getting a decent return on our wealth. I suspect that we better add in a tax advisor just in case. The question is who can provide all this to deliver an optimal solution for retirement? The answer is your pension provider your provider for life. And a secondary answer for absolute clarity a default retirement option is no solution. Bises D

🌱 Beyond Finances: The Emotional Side of Retirement 🌱 When we think of retirement, finances often come to mind first. But there's another side that can be just as important—our emotional and psychological well-being as we transition into this new chapter. Here are a few non-financial concerns many people face when thinking about retirement: 🔍 Loss of Identity For many, work isn’t just a paycheck; it’s a major source of identity and purpose. Stepping away from a career can leave people wondering, “Who am I without my job?” 👥 Social Connections Work is often where we form meaningful relationships. Retirement can create feelings of isolation or loneliness if we don’t actively cultivate new or existing social connections. ⏳ How to Spend Time The structure of the workweek provides a natural routine. Without it, some retirees struggle to fill their days in fulfilling ways. What will give life a sense of purpose when there's no 9-to-5? ⚖️ Physical & Mental Health Without a structured daily routine, some may neglect self-care, leading to issues with physical and mental health. It's crucial to maintain an active lifestyle and a sharp mind, whether through hobbies, volunteer work, or continued learning. 🏡 Changing Relationships at Home Retirement can also impact family dynamics, especially when two people who were used to their own routines suddenly share all their time together. Navigating this shift in home life is a key challenge. Retirement is not just the end of a career; it’s the beginning of a new phase in life. Preparing for the emotional and social aspects can help make this transition smoother and more fulfilling. What are some concerns or questions you’ve heard or thought about when it comes to retirement? Let’s share our experiences. 💬 If you would like to recieve more information from Retirement Rebels do please join our mailing list   https://lnkd.in/eVKdeuRm #Retirement #MentalHealth #Purpose #WellBeing #LifeTransitions

𝑹𝒆𝒕𝒊𝒓𝒆𝒎𝒆𝒏𝒕 𝒐𝒓 𝑹𝒆𝒕𝒚𝒓𝒆𝒎𝒆𝒏𝒕? What comes to mind when you think of retirement? For me, passé images of lazing around on an idyllic beach in Hawaii sipping that elusive cocktail surface…🍹 (But ask anyone who retired, they will tell you such a romantic notion of an idyllic life can probably last you 6 months before you are restless again) What’s the fastest way to get there? 𝐅𝐈𝐑𝐄 (Financial Independence, Retire Early) 🔥 so you can fire your boss? This may work for tech executives in Silicon Valley earning big bucks, suffering burnt outs and wanting to get out of the rat race asap. What about for the majority of middle income workers with kids and furkids to raise? (Also suffering from burnt out minus the big bucks) Would 𝐅𝐈𝐑𝐌 (Financial Independence, Retire Meaningfully) be a more viable option? Says Ms Lorna Tan, head of financial planning literacy at DBS Bank: “Work towards your financial freedom and, at the same time, understand your life purpose and align your money goals so they support your life purpose”. 𝐋𝐢𝐟𝐞 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. These two words give immeasurable energy. And warrants sincere soul searching and many deep conversations. Aren’t we all on a lifetime quest in search for meaning? Can work be more than just paying bills and putting Xiao Long Bao on the table? We are living longer. How dreadful if work is but a dread. How wonderful if we discover our life purpose and can redefine what work means to us. Then perhaps we never have to retire! We can work towards Financial Independence, 𝐑𝐞𝐭𝐲𝐫𝐞 Meaningfully! To quote Bernard Lim, entering into a time of 𝐫𝐞𝐭𝐲𝐫𝐞𝐦𝐞𝐧𝐭 is to go into a workshop, change your tyres and be good as new, ready to go! 🛞 🛞 With reference to article here 👇 https://lnkd.in/gFFcazMq #foodforthought #work #retirement #retyrement #meaning #money #financialwellness #financialfreedom #financialindependence

TIME MACHINE I love the Time Machine book and movies, especially the 1960 original with Rod Taylor. Sometimes I feel like I'm in a time machine. If you've seen the movie, you know that he sits in the time machine and time is moving normally inside his "bubble" (this is actually better illustrated in the early 2000s remake with Guy Pearce). Outside the bubble, the world whizzes by and changes dramatically, showing glaciers melting, wars happening, etc. Can you relate to this? On a daily basis, our lives move normally, but the more you "zoom out" the faster time seems to go. Especially this year, you may have heard someone say "This year is just flying by" (it's somehow July already), which is just an odd statement - a year is a year, after all, but it certainly does seem to be going fast! Now zoom out more. Last year, I was excitedly teaching my behavioral finance class about 9/11 and how the stock market reacted and said something like "remember the day after?" I got a lot of blank stares until a student raised his hand and said "I was one month old and most others in here probably weren't born yet." WHAT? How can that be??? What the heck happened to that time. Seems like yesterday to me! Remember the ball dropping 12/31/99 and waiting for the lights to go out because of Y2K? Not long ago, yet almost a QUARTER OF A CENTURY! Zoom out more. If we assume a lifetime of 80 years old, this country is just over three lifetimes old. Think about that! Three lifetimes. That's it. Think about what has happened in those three lifetimes. Why think about that? There is plenty of research out there that retirees are not spending enough in retirement. Could that be related. While daily lives happen normally, maybe they underestimate how quickly time actually passes and therefore underspend what they actually could. How does it affect those not in retirement? Do we underestimate how much we will need because we think time moves slower than it actually does. As a result, do we undersave? We need both - appreciate the moment you are currently and live it fully, but also prepare adequately for the future. If you have a plan, by yourself or through your planner, trust the plan and don't let anxiety over an endless road of future ahead affect your decisions. If you have a plan that you revise as your circumstances change, you've built a time machine that lets you travel through time with relative peace of mind and money.

“Just make sure that you’ve saved enough money, then sit back and enjoy your retirement. Or at least, that’s the dream that we’re sold. However, many men find the reality of retirement to be very different and are hit hard by a profound sense of loss. Yes, money is important, but there are many other aspects of retirement that need to be considered to avoid distress and the onset of poor mental health during this life transition.   “Work can be stressful, tedious and tiring. So, it’s not surprising that many look forward to the freedom of retirement without pausing to consider what they’re about to lose. That could be a loss of daily routine or a sense of identity and belonging, a loss of feeling needed and appreciated or of companionship, a loss of achievement or enjoying time off. The list goes on.   “Compared to women, the current generation of men develop fewer close friendships during their lifetime, they’re more likely to work consistently for decades and less likely to take parental leave or work part-time. This can make retirement especially difficult.   “So, what can you do to prepare for this change and ensure that retirement is a fulfilling and happy next chapter?   “Begin to think about it at least two years in advance and accept that it’s going to be an interesting challenge for you and for those close to you. It won’t be an everlasting holiday. If possible, gradually work less over a number of years in advance of retirement, rather than stopping work suddenly. Develop other interests, especially those that involve other people. Establish new routines and commitments. Take the opportunity to look after your physical health.   “Have the confidence that you will almost certainly adjust in time but do consider seeking professional support if you experience feelings of anxiety or depression.   “And then, hopefully, you can enjoy the occasional lie-in on a Monday morning.” ................................................................................... Are you or a loved one considering retirement? Movember may be over, but at The Soke, we continue to focus on men’s mental health. Here, Dr Michael Phelan, Consultant Psychiatrist at our Chelsea and Wimbledon clinics, shares his insights on retirement and its effects on mental health. Remember, we’re here to help and ready to talk. To get in touch call: 020 7139 5051 or email: [email protected] W: thesoke.uk

My last post invented the name "stand-uppers". If you get a feeling of "Yes, that' me!" as you read the rest of this post, then you have it within you to become a "stand-upper". Does any of the below resonate with you? Are you nearing retirement and have just been hit by a health condition, or a loss of any kind, that throws those all-important last few years of saving for retirement into jeopardy? Are you post retirement and finding that your retirement planning has been tossed in the fire by soaring prices of everything? Have you developed a physical or mental problem that has put a premature stop to your planned career path? Are you scrabbling for something, anything to fill the void in your bank account and your life? Did someone once hurt you in a way that broke your trust in life, so that you now work some hum-drum job for which you feel nothing more than boredom and yet more cynicism at life? Do you spend your meagre salary in pursuit of something, anything to dull the pain inside, and then run short on life's bare necessities? Have you always enjoyed being part of a big, noisy family in which there was always some crisis and always hands to hold you, hands to help you up and hands to get you going again? Have you woken up one day to realise that your children have grown up, graduated and emigrated; that your cousins, nephews and nieces have moved and are too engrossed in their new lives to spare much thought for once close companions from their old lives; that your parents, aunts, uncles and even some of your contemporaries have died? Do suddenly find yourself lonely, anxious and living in the past? Then you, my friends, and others with different and yet similar stories, hold it within you to be a "stand-upper". You can choose to stand up, take life by the scruff of its neck, give it a good shake, and then redefine your life on your own terms. It might not work out the way you had in mind, but it will work out in a way that makes you feel stronger and more resilient, and that's what you really need. I have rambled on about my own story of ups and downs and getting up again, all over my posts on a range of topics. How about you, now? Do you feel an urge to stand up and turn your life into something that you like better than the life you have now? That means you are a "stand-upper". If you are already a succesful "stand-upper", are you willing to share with the rest of us some of the secrets of your success? Please, come, so that we can jointly weave our different fall-down stories into routines, structures and tools with which we can re-purpose our fall-down histories into one big rausous celebration of standing up. Posr your story here , or message it to me if you prefer to remain anonymous, but still feel that you want your story known. i will repost it with identifiers removed.

Last night an ex-colleague in his mid-forties called to congratulate me on my decision to pursue #FIRE (Financial Independence, Retire Early). However, his curiosity sparked an important question: How much is enough to retire comfortably? It's a question many of us face, and the answer isn't always straightforward. Here are some basic considerations to keep in mind when determining your retirement number: 1. Lifestyle: Think about the lifestyle you want to maintain in retirement. Will you travel extensively, pursue expensive hobbies, or downsize your living space? 2. Inflation: In the words of Sam Ewing, a famous American baseball player- “Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair” 😀 Factor in the effects of inflation over time. What might seem like a comfortable amount now may not be enough to cover expenses in the future. 3. Healthcare Costs: Don't underestimate the costs of healthcare, especially as you age. Medical expenses can significantly impact your retirement funds. 4. Longevity: Given the advancements in medical science we all are likely to live way into our 80’s. Planning for long life acceptancy is crucial. 5. Market Volatility: And above all, be prepared for market fluctuations. Diversifying your investments can help mitigate risk. There are certain traps one has to be very careful about: 🚫 Underestimating Expenses: Be realistic about your future expenses. It's better to overestimate and be pleasantly surprised than to fall short. 🚫 Ignoring Debt: Address any outstanding debts before retirement to avoid draining your savings. 🚫 Overreliance on Social Security: While Social Security such as PF, CPF etc…can provide a safety net, it may not be enough to sustain your desired lifestyle. “The future is inevitably uncertain, but planning for it is a way to exert control over the unknown." - Daniel Kahneman Remember, retirement planning is a journey, not a destination. Start early, stay informed, and adjust your plans as needed. Your future self will thank you. #RetirementPlanning #FinancialWellness #LifelongLearning #FIRE #EarlyRetire

Here's a life concept that needs to die. Retirement at 65. Or even retirement in general in its current guise. Ie the goal is stopping work completely. I have few problems with it the first is some arbitrary age that was decided on, I think when people were in the mines and body was generally knackered. I think it's much more important to be doing a role you enjoy and work for longer than be miserable so earn more and stop. We have much more flexibility around work. We can design it around the life we want to work. Especially when we are older. Why wouldn't you design a life around this. I think the pressure of thinking I should be retiring at 65 stops people in 50s taking action on their finances. That's too late for them to do anything. But if we were to move the timeframes to longer. Say working flexibly from 65 and maybe stopping at 75. That's a 20 plus year timeframe. There's lots that you can do to become financially secure over this time. The added bonus is that you can also live a great life over next few years whilst building this wealth cause you have more time. Surely a more enjoyable way to live. Of course some roles that with stress levels that may need to stop but for many people I think we need to reframe the conversation. What does a truely great life look like now and in future. Creating a plan that is focused around this. Not one arbitrary event some time in the future. Adapting as we go. What are your thoughts on "retirement" Let me know. Not your typical IFA Wealth beyond numbers. #worktolive As an aside I also think it's really important for people's health to be doing something that keeps mind active. Whether that is work or being involved in community.

The truth is that the desire to live a life of significance never ends, even in old age, and this is how to keep your mind and body going. A successful retirement life is not without problems but, is one in which you learn to overcome them. It is important to acclimate to the many things that retirement may throw at you and to understand the role resilience plays in achieving this. Read the full article by Marius Fenwick, CFP®. #financialplanning #article #retirement #retirementjourney #planningforthefuture #lifeafterwork #community #positivepsychology

31 day countdown to "retirement" #29 You will likely disappoint or burden someone - it doesn't have to be you. When you say yes to something so as to avoid disappointing or burdening someone else, you are saying no to you and possibly your family, shifting the disappointment or burden to you. Too many times, I have said yes to a task, errand, meeting that is not part of my role so I could avoid disappointing or burdening someone. Sadly, that usually meant I disappointed or burdened my family, as it took time I could have spent with them. When you say no to someone else, their disappointment/burden lasts but a minute. Whey you say no by default to your family or yourself, the disappointment/burden lasts a lot longer. Consider your "yes" and your "no", and your "why". If you really want to help someone or the task is meaningful in other ways, do it. If you don't want to disappoint someone or make more work for them, consider saying "no". #noisokay #beselective