Retirement - Not How Much, But How Long?
Written by: Ian Byrne
After three decades guiding high net worth families through their wealth journey, I've witnessed a profound truth that challenges conventional retirement wisdom: for a large part, the question isn't whether you have enough money, it's whether you are doing enough with the time you have to truly live?
The Golden Decade: Ages 65-75
This will sound obvious, but many entering retirement simply don’t think about this as part of their preparations; the most active, adventurous retirement years typically span from age 65 to 75. Medical research confirms this with broader age-based studies showing health status steadily declines with age and around 75- 78 years old, health issues become more prevalent.
Even without any major health concerns, my own personal observation across hundreds of client relationships is that around this time, client energy levels also drop and as travel becomes more challenging, their desire to do so considerably and understandably lessens.
As time inevitably advances, the window for those bucket-list adventures narrows significantly. This isn't pessimism—it's reality-based planning.
The Mathematics of Time
Breaking it down into a sobering calculation, even if we extend it from ages 65 to 78, that 13 year period is only 4,748 days, or 678 weeks, or just 560 precious weeks to experience everything you've sacrificed and saved up for and deferred while building your wealth.
And sadly, there is absolutely no guarantee that you’ll have even that amount of time, as I have also unfortunately witnessed clients go through injury, sickness or even terminal illness well before their normal life expectancy dates.
When viewed through this lens, retirement planning transforms from a purely financial exercise to something far more meaningful.
Breaking the Accumulation Addiction
Here lies the cruel irony: after spending decades in a disciplined 'saving and accumulation' mindset, many affluent retirees struggle in changing mindset to ‘spending’ wealth. Recent research confirms this psychological phenomenon is most pronounced with individuals who use their own savings for retirement income—whereas people with external or guaranteed sources of income, such as defined benefit annuities or Social Security pensions, were more likely to spend more.
Without logical and sensible forethought, this accumulation addiction can become a prison of your own making.
What was the point of sacrificing present enjoyment if not to fund the retirement you deserve? Financial psychology experts emphasize the need to "consciously reframe your relationship with money from one of accumulation to one of enjoyment" and recognize that you've earned the right to use your wealth for happiness and fulfillment – especially within sensible boundaries.
The way I frame it for clients is that you have to allow yourself to relax into retirement, begin consciously undoing that stressful knot in your stomach and shut out that voice whispering ‘what if it’s not enough?’. A good financial planner will be able to discuss and show you exactly what you can expect, helping put your mind at ease
The Power of the Retirement Bucket List
The antidote to accumulation paralysis is intentional goal-setting. I encourage every client to invest time creating a comprehensive Retirement Goals 'Bucket List' - every destination you've dreamed of visiting, every experience you've postponed, every relationship you want to deepen, every interest you wanted to explore and learn more about – if not in retirement while you’re healthy and energised, then when?
This isn't wishful thinking; it's strategic retirement and life planning remembering that time is your most finite resource.
Write down specific aspirations, from learning Italian in Tuscany, cooking Paela in Spain, drinking Ouzo and Raki in Greece while overlooking an azure ocean from your poolside villa, to taking your grandchildren on an African safari or simply hiking that mountain you’ve looked at from your home for the last 20 years. Make these dreams tangible with workable timeframes you wish to achieve and budgets or costs you’re prepared to spend.
I also discuss with clients that while this is important ‘homework’ that we require, to not treat it as a task or chore that has to be completed. Instead, I strongly urge them to find quiet time out on their veranda or preferably get into the mood by actually going away somewhere for the weekend, and sit with a nice red wine or coffee or herbal tea or whisky and simply begin to write down ideas of all the places, events, holidays, interests and things they really want to do over what timeframes and roughly what they’ll spend – and then rank them in priority. Even if it takes a few sessions, treat it as an exciting enjoyable experience that you’re planning out (and generally it becomes very exciting and interesting the more the bottles of wine consumed!).
This information is invaluable, because not only does it provide you a reasonably clear pathway towards achieving the retirement you deserve, but from our perspective we can then always reverse engineer the figures to ensure that you will always have enough free capital and cash reserves to ensure it can be achieved, regardless of any investment market movements.
Health as Your Primary Investment
Include health aspirations in your bucket list - not as vague goals like "stay healthy," or “start gym’ but as actionable achievable strategies. E.g. schedule in a Monday morning walk, Tuesday session at the gym, Wednesday golf, Thursday swim or water aerobics in the pool, Friday gym, Saturday sunset walk and Sunday total relaxation – even 30 minutes of movement can extend health and help prevent morbidity.
Develop the same intelligent, systematic approach to preserving your body that you applied to building your wealth. Invest in preventive healthcare, nutrition coaching, fitness programs, and stress management with the same diligence you once showed in business or your profession or astute investing.
Your body is the sensory vehicle for experiencing all that wealth can provide. Without health, money becomes merely numbers on a statement.
Time vs. Money: The Ultimate Trade-off
For substantial wealth holders, this question becomes paramount: what is more valuable - your money or your remaining time? If you're substantially financially secure, every day spent worrying about market volatility or minor expenditures is a day stolen from living fully.
You know you have more wealth than you can possibly chew through in a lifetime. Likely you’ll only get through the top few layers of wealth before your time is done. So, what do you really want to do with your time and your legacy?
The Tale of Two Retirements
I've witnessed both extremes. Some clients never relaxed their frugal habits, perpetually worried about money despite substantial assets and superannuation or pension balances. When health inevitably or sometimes unfortunately unexpectedly severely declined, they realized they'd never enjoy what their wealth could have provided—though their children and grandchildren eventually will, without having earned it themselves.
Conversely, my most fulfilled clients prioritize their health, embrace spending on meaningful experiences, and approach retirement with renewed energy and optimism. They understand that wealth without health and time is merely an academic exercise and the wealth they have accumulated is there to be spent on them first and foremost.
Your Choice
If you've built substantial wealth, you face a crucial decision: will you be the architect of memorable experiences and ‘a life well lived’, or the curator of an unused fortune?
The mathematics are unforgiving—520 weeks per decade, declining health after 75, and no guarantees that these are even yours to fully have.
The wealthy families who thrive in retirement share one common trait: they recognize that money is simply a tool for purchasing quality time, good health, and lifelong memorable experiences. Use your wealth while you can enjoy it, because ultimately, it's not how much you have, it's how meaningfully you spend the limited time you have left.
An eternal truth: Time and money. Spend them both wisely.