Going Beyond Money to Find Meaning in Retirement Planning

Going Beyond Money to Find Meaning in Retirement Planning

By Joe In October of 2018, I had the opportunity to attend the annual BAM National Conference, a gathering of like-minded professionals who ascribe to the ethical, evidence-based values of the BAM advisor community. One speaker’s talk about everything beyond money in retirement planning was especially eye-opening. Alan Spector is now retired himself, from his position as Director of Worldwide Quality Assurance for the Procter & Gamble Company. He has also done a lot of consulting on management and quality assurance and has written four books. In his experience, people often ask, “Can I afford to retire?” and stop there. But there is so much more to consider. His talk, “Financial Planning: Beyond the Numbers,” shifted the focus of the conversation to what retirement will actually look like. While financial security is often the first concern, it is also important to consider what you need to do to ensure your retirement is fulfilling. For example, if you have a passion for experiencing the world through travel, you will want your financial plan to make it possible to do it in retirement. You assume that it will be a fulfilling experience. The trouble with assuming is that acting on passion in practice is often different from what we envision. It may turn out that travel actually takes you away from what you are more passionate about in practice. Once you start globetrotting, you may realize there are social organizations close to home you miss being more engaged in. Or there are charitable causes in which you long to take a leadership role. What Spector recommends is a concept he calls...