One of my favourite ads on the radio at the moment from one of the banks has a song that goes ‘I’m gonna work until I die’. It makes me laugh, but it also highlights how important financial planning is.
Most people I talk to actually will work past 65, some to 70 years old, others beyond that. Personally, I have no issue with this and the most common reason is that they feel they need something to do to fill in time.
The key of course, is they are making a conscious decision to do so. However, what if they had a couple of million dollars in assets over and above the value of their family home? Based on what people often say to me, which is if they won lotto they would stop work immediately, I think the answer is that people would retire earlier if they had significant assets.
You can’t just happen upon these assets, it is going to require financial planning. Another thought comes to mind that if the government changes the age that one has to be before you can receive NZ superannuation, how does that affect your plans?
Most people that I speak with actually believe the age for Super should be 67, or even 70. Once again this is just something to take into account when you are doing that planning with your financial planner.
If you want to work until you die, that’s okay. But make sure it is your choice, that is to say it is part of your master plan, and not forced upon you by circumstances.