I read an article recently about having “Financial Piece of Mind†when approaching retirement- read it here. It reminded me to write this blog; one that has been on my list for some time- more on that later. The author of the article in the link is a long time financial advisor who makes great points. He asserts “We help them (clients) navigate a course, a path that will move them in the direction of financial peace of mind.†Later in the article the author points out, “We help guide clients toward choices that will keep them on the path to their destination.â€
I completely agree with both statements. Isn’t that really what financial planning is about if you boil everything down, helping clients reach their financial piece of mind so they can enjoy life?
But what about clients who have financial piece of mind going into retirement, but are struggling with other parts of their retirement- the non-financial aspects. I refer to these as “The Other Side of Retirement.” Don’t they also need piece of mind for these non-financial aspects? Aspects such as Purpose & Identity, Values & Beliefs, Work & Meaning, Family & Friends, Health & Activity, Leisure & Travel and Home & Location. Together these make up The Other Side of Retirement planning I use when coaching clients. These areas aren’t financial, but clients need to plan for these to give them piece of mind in retirement.
The Other Side of Retirement- for “Piece of Mind”
The reason this topic had been on my list to write about is because of the rock song by the band Boston titled “Piece of Mind” which applies to being mentally prepared for retirement. It is one of my favorite rock songs and one I crank up every time it comes on the radio or when I play the CD (yes, I still own CDs- but don’t have cassettes or 8-Tracks!).
Although there are a few interpretations of the meaning of the lyrics, it seems fairly clear that he is writing about looking ahead to what is really important, following your passion, and not listening to what other people are saying and doing because it may not be right for you.
The founder of the band, Tom Schultz, was an MIT trained engineer for Polaroid Corporation when he wrote the song in his basement in 1974-1975. Do you recall how prominent Polaroid was back in the 1970s and 1080s? If you worked for that company during that time you had a really good gig- but Tom had a different idea about what a great gig was and what should bring someone “Piece of Mind.”
Although the song was written in the mid-seventies, it still carries a fitting message today for both younger people and baby-boomers who grew up listening to the song. For baby-boomers who grew up listening to the song, the message is now about finding new meaning and purpose and not needing or wanting to continue climbing the company ladder. There are other things to do with the remainder of your life- new purpose and passion. What meaning do you find in the song for your situation as you approach retirement or begin retirement?
Have you found your “Piece of Mind” for the non-financial aspects of retirement as well as the financial aspects? If you are a financial advisor, have your clients in their 50s and 60s thought about these? If not, contact me to help your clients create a vision for your retirement.
Read more about the song and band on Wikipedia or at the band Boston website. You can view a video of the band playing this song here– a few years after the song came out.
Piece of Mind (Lyrics)
Now if you’re feelin’ kinda low ’bout the dues you’ve been paying
Future’s coming much too slow
And you wanna run but somehow you just keep on stayin’
Can’t decide on which way to go
Yeah, yeah, yeah
I understand about indecision
But I don’t care if I get behind
People livin’ in competition
All I want is to have my peace of mind.
Now you’re climbin’ to the top of the company ladder
Hope it doesn’t take too long
Can’tcha you see there’ll come a day when it won’t matter
Come a day when you’ll be gone
Ohh Ohhh
I understand about indecision
But I don’t care if I get behind
People livin’ in competition
All I want is to have my peace of mind.
Take a look ahead, take a look ahead, yeah, yeah, yeah, yeah…
Now everybody’s got advice they just keep on givin’
Doesn’t mean too much to me
Lot’s of people out to make-believe they’re livin’
Can’t decide who they should be.
Ohh Ohhh
I understand about indecision
But I don’t care if I get behind
People livin’ in competition
All I want is to have my peace of mind.
Take a look ahead, take a look ahead. Look ahead.
(Scholz)
Read more: Boston – Peace Of Mind Lyrics- Source: MetroLyrics