As a Chartered client of some years, I believe the life planning process is one of the most important ingredients of a happy and financially secure future in retirement. Jilly and I embarked on our retirement life planning in 2010 when we worked through our Bucket List with Kim Potgieter.
It was for this reason that I was keen to read Kim’s book Retiremeant: Get More Meaning from your Money when it appeared on the shelves. The wealth of experience and knowledge that Kim has, and the positive experience that we have had with the life planning meetings with her made me interested in absorbing the subject matter of her book.
A first encounter with the book reveals a kaleidoscope motif, the message behind which rang true with me: one small shift can and will change you whole picture and shift you into a new position. This is not always an easy feat, but I found the ‘Ten Retirement Truths’ enabled me to focus on aspects of our retirement lives that we had not really been conscious of – each one is so significant.
I recognised, in the content of the book, an opportunity to develop a new approach to my feelings and discoveries about retirement. Importantly, it seemed to present a working reference for my future. The segment questions in Retiremeant Reflection 13, for example, made me focus on highlighted areas that needed to be reviewed, and I realised anew the importance of maintaining a balance in life.
So, our Bucket List became our Bucket Wheel, which takes what we are striving for in retirement and marries it with all eight elements of the Wheel of Balance. With this useful tool, we have set the goal of identifying where we can give back to others in our community: we want to support local charities and community work. I feel well balanced in the other areas of my life. Similarly, we will use this book to review how we are progressing in our plans and objectives: we are currently working through the Fourteen Action Items.
The tagline of the book: Money + Meaning = Magic certainly resonates with us. The need to prepare an accurate annual living expenditure and bucket wheel budget for a meaningful financial plan is essential. This is discussed with our trusted financial planner at our bi-annual review sessions. From this, he can prepare the annual forecast ‘Retirement Graph Life Time Plan’; from this, he advises if the income from our investments covers these budgeted expenditures for the fiscal year ahead, and into the future years to ensure the ‘pot’ won’t run dry.
Our bucket list, which gets revised and updated when required, gives us what our financial needs are as we have put our finances in the proper place. This offers us a clear indicator of how our money is working for us and still gives me the confidence for our total retirement life plan.
To date, we have always concluded our review meetings with confidence and peace of mind for our future requirements. This allows us to engage in the Disney dreaming to which Kim makes reference in her book – well worth exploring for everyone!
Thank you, Kim, from Jilly and me for, not just a book, but a reference library for retirement.
Peter Wyche, Chartered Wealth Solutions client