How Age & Wisdom Play Into Financial Planning

The Bird’s Eye View:

There’s an old quote that says, “Age is the price of wisdom.” Today, we’re talking about how that applies to the financial world. Ask yourself, have you changed your opinion on money and saving for retirement as you’ve gotten older?


Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re talking about age and wisdom and how it relates to your views on money.

How do clients change their perspectives about what money and wealth mean to them as they get older?

During the accumulation phase of our life, we are focused on money and paying off debt. As we get older, we realize that money is a tool and it’s really about experiencing the things that you want to experience or, more importantly, making sure the people that are closest to you get to experience things that are important.

After saving your entire life, it can be tough to be a spender and make that transition. It can become a security blanket. We can help people devise a plan to make sure they are comfortable with how they’re spending their retirement money. 

Is there anything that people say they wish they’d known earlier or wish they’d done differently when they were younger?

From the money perspective, many people wish they had started saving for retirement earlier. The other big thing is they wish they had been focused on the tax impact of their savings.

The big regret that’s not connected to money is, instead of building a giant bucket list of things to do after retirement, people wish they had done some of those things along the way.

As people approach retirement, do people worry about financial issues more or less than they did when they were younger?

It depends on how focused they’ve been on preparing for their future. Retirement can sneak up on you, and then you need to figure out how to pay for your lifestyle in retirement.

Listen to the full episode or use the timestamps below to find specific segments.

[3:30] – Changing perspectives

[6:15] – Regrets

[8:52] – Worry

[11:50] – Legacy

[15:11] – Risk

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.


Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact