Retired couple behind laptop

Oscar Wilde famously said that ‘with age comes wisdom’. Seniors have a way of turning a kitchen table or a sofa, into a library of knowledge and life experiences – they are an example of a life well lived. Their practical advice offer many insights based on their experiences. In planning your retirement, why not draw upon their wisdom?

At Milestone Advisory, we frequently to speak to retirees. The insights they provide offers guidelines on how to retire comfortably, secure and fulfilled. Here are some gems.

Commence saving early and save consistently

‘Regret always comes last’ shared one retiree, reflecting the experience and wisdom that applies to retirement planning so well. Start saving as early as possible – this will harness the power of compound interest and allow your investment more time to grow. Regardless of the amount that you save, consistency is of utmost importance. These contributions will add up significantly over time and provide the foundation for a booming retirement fund.

Keep within your means

Their approach to lifestyle spending, is the common thread among successful retirees. A retiree remarked ‘as my income increased, I didn’t allow my expenses to follow suit’. Prioritise saving and invest the balance, rather than be beaten by lifestyle inflation. It takes discipline but will ensure that you’re building wealth over time, offering more options and freedom as you are nearing retirement.

Diversification should be encouraged

Many retirees advise against putting all your eggs in one basket. By diversifying your investments, you are safeguarded against the unpredictable nature of markets. You are better positioned to mitigate risk and weather financial storms if you spread your investments across different asset classes. Not only does this strategy protect your portfolio, it can also lead to more consistent growth over the long term.

Never sell out of panic!

Successful retirees stress the importance of keeping untroubled during the ups and downs of markets. “Fluctuations in the market is normal. Don’t let your actions be dictated by it” advises a retiree who stayed the course during several market corrections. The health of your long-term financial health will be harmed if you react to short-term volatility by selling off investments. Keep your focus on your long-term goals and don’t make decisions based on temporary setbacks.

Understand and know your tolerance to risk

It is imperative to understand and know your tolerance to personal risk. One retiree suggests that your investment strategy should be one that it lets you sleep peacefully at night. Your comfort level with risk should be reflected in your investment choices. That way, you will not be overly stressed by movement in the market. Our financial advisory team at Milestone Advisory can help you build a portfolio that matches your tolerance to risk and support your financial goals without the stress.

No such thing as ‘get-rich-quick’

Avoid those schemes at all costs. Quick gains may appear to be lucrative and tempting. Retirees warn against pursuing such illusions. A retiree advises “the more haste, the less speed. Instead, focus on sustainable growth”. This underscores the value of patience and persistence compared to risky business ventures. Investments that offer high returns, usually come with high risk. It is crucial to approach these with caution. Rather prioritise steady gains over unpredictable wagers.

Regular reviews

The only constant in life is change. As life changes, your portfolio should change too. A retiree who regularly reviewed and adjusted his investments suggests that you should make adjustments to reflect your current situation. By doing this, your portfolio will remain aligned with your developing financial goals and tolerance to risk – specifically as you shift from accumulating wealth to preserving wealth.

Don’t forget about tax!

Your retirement savings could be significantly impacted by tax. A retiree who optimised savings through tax-fee accounts, suggested that one needs to be mindful of tax-efficient investing. Explore retirement annuities or personal pensions, issued as investment policies (available to individuals who are not part of an occupational scheme), as these can offer tax benefits and enhance your ability to grow your savings more efficiently.

Don’t be afraid to ask for help

A retiree commented on the value of professional guidance, “No one can stand alone. One of my best decisions was to seek advice”. At Milestone Advisory, our financial advisors offer personalised insights, strategies and help you navigate the complex world of retirement planning. Our expertise can be invaluable in creating a plan, tailored to your individual situation.

Long-term care costs

An aspect of retirement planning that is often neglected, is the possible need for long-term care. A stark reminder from a retiree that was faced with unforeseen medical expenses, is to plan and prepare for the unexpected. By making long-term care part of your financial planning will assure that you’re prepared for such events, preserve your savings and quality of life in retirement.

Happy retirement

In closing, retirees highlight the importance of picturing what you want your retirement to look like. A retiree that travels the world shares, “Investing aims to ensure a future that brings enjoyment”. Do you want to pursue passions? Spend time with family or explore new hobbies? Plan for a retirement that supports the dreams and activities that you hold dear.

The wisdom shared by these retirees, should empower you with a better understanding and the strategies needed to confidently proceed with your retirement planning. Keep in mind that the road to a happy retirement is a financial and personal undertaking.

Although the foundational principles remain the same, everyone’s retirement journey differs. You can have the retirement of your dreams by being disciplined, have a well-constructed plan and with some guidance along the way.

Here to help you navigate your way to financial security.

The Milestone Advisory team are qualified financial services consultants. We specialise in helping professionals in the construction sector and related industries.
Our team will work with you to review your finances, explaining your options in clear English.

No jargon – just the facts.

For more information, contact Darragh Hogan (