It's Not Just About the Money

It's Not Just About the Money

March 20, 2024

Mitch McConnell announced recently that he would step down from his role as the Senate Republican leader in November. The 82-year-old from Kentucky told his Senate colleagues, “One of life’s most underappreciated talents is to know when it’s time to move on to life’s next chapter.”

While not to get into a debate about how old our country’s leaders should be as a maximum age, the question of when to retire is one we hear often from our Quartz client family. It’s a tough personal issue that many of us will face during our lifetime, and as our population ages, it’s a question we are hearing more and more often.

Financially speaking we need to project how many years we will be in retirement. As a rule, we project end of retirement between ages 95 and 100 so do the math on your specific scenario. Most Quartz clients are fortunate enough to be able to comfortably match their retirement needs through current assets, calculated investment strategies and consistent spending patterns confirmed through the analytics of software planning and experience, so it’s not just about the money.

For many of our clients, and ourselves included, the work is more than a job. It is a purpose or calling or way of how we see ourselves. We continue to hear the comments related to a possible retirement, “I will miss my patients, my clients, my colleagues, my friends.” Considering that we are with these people around 40 to 60 hours of a working week, it’s understandable that cutting them out of our daily lives would be unsettling.

The exercise of the non-financial conversation of retirement planning is important. Through these types of discussions, most Quartz clients in the “pre-retirement phase” have decided to reduce hours or take extended vacation times, communicate the phasing out period to their clients, patients, co-workers, and acknowledging and accepting that this period may last between one and 3 years. It can give them the bridge “time” to figure out what will be most fulfilling in life’s next chapter.

So if you are curious about retiring and you aren’t a Quartz client yet, let’s talk – It’s not just about the money.

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