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Saving for retirement. Pensions. Getting older.
It’s a subject that can include a lot of boring talk in words meant to feel confusing.
And what’s with all the acronyms? We might as well open a tin of alphabet spaghetti.
Add in fear of our own mortality and it’s not surprising it’s most often avoided or a permanent feature of the to do list without actually getting done.
I’m not allowed to share suggestions with you as that counts as financial advice (which I don’t do) so instead let’s talk about the bit that comes before the actual numbers and what money you put where.
The emotional blocks about saving for retirement:
Saving for retirement is 80% emotional blocks and 20% about money (actual fact, possibly).
You may think it’s about money but actually it isn’t, whether you have a high income or a lower income.
If it was only about money, every adult would have a pension (or several), and they don’t.
If you don’t believe me, ask yourself, do you have a pension?
Why not if you don’t?
How much do you know about it or them if you do?
Do you know the numbers, understand the policy, understand how it’s invested and whether all of those answers are in alignment with your values and preferred choices?
You can have a pension with only a small amount of money a month and I’m talking takeaway pizza investment level rather than a top end Kate Spade bag investment level.
(Extra Rosie tip: it can help to use different numbers you feel more familiar with. Instead of £15, it’s PIL (pizza investment level). Instead of a few hundred, it’s KSBIL (Kate Spade bag investment level, or KIL for short).
It’s not about the money.
You can’t get much more adulting than regularly putting money into a pension or other kind of saving for retirement.
It’s basically admitting you’re going to get old and die.
On the other hand, what better way to role model female financial leadership than to take responsibility for saving for your later years of life?
I was journalling yesterday who my female role models are and a few names you might not expect are on my list. My virtual assistant for her calm unflappable energy. My coach for her groundedness. A make up artist friend for her ability to adjust and adapt.
Whether you’re single, with someone, don’t have children, have children, have a business, don’t have a business; we all are a role model for someone even if we don’t know it.
That’s a good reason in itself for stepping up and caring for your finances in later years.
There is always a point to saving for retirement.
You can go down the rabbit hole of house-prices-no-final-salary-pensions-insecure-employment-low-wages etc etc.
Or you can make a choice to start where you’re at and take the action you are able to take.
A lot of the advice out there is aimed at another generation or with built in assumptions that no longer exist (my personal opinion, this isn’t financial advice etc).
None of us know what is going to change in the future.
Social media has totally changed how we do things and how the world works and I remember back in 2007 how practically everyone hadn’t heard of it or thought it was pointless (they said that about writing and the telephone too).
It happened with the internet and the railways and the invention of the wheel and cooking.
Take a few minutes to feed your inner drama llama about how shit it all is and then take some time to write 3 actions that you can take in the next 30 days – and then do it!
Which takes us to the action steps you can take.
These are some ways you can start to save for retirement or prepare to start to save for retirement.
Choose one from the list and do that. Celebrate. Repeat.
If you need support, let’s talk.
Which takes me to accountability.
Accountability is important or it’s easy to let it slide yet again.
Underneath you’ll know you aren’t taking the steps you need to and that’s not a nice feeling and it takes energy from you.
Much better to have an action plan and gentle accountability so you move forward at a pace that’s gentle and comfortable for you without stress.
I’d love to hear from you.
If you are looking for a safe space and the support you need to create an action plan and get the accountability you need to save for retirement, book a chat or email me.
We’ll talk about what you need and how I can help.
Looking forward to hearing from you,
PS. Have you joined me for the free Self Care For Your Biz Finances Retreat?