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Feeling Retirement “FOMO”

By Kevin Janiec CFP®, MBA

I recently caught up with a couple that spends their winters in sunny Florida.  They aren’t technically retired, but they have certainly earned the flexibility to work on their “own terms” in between tee times and tennis matches.  To put things into perspective, as we were all busy snow blowing our driveway in February, they were stressing over fixing their slice off the tee box.

In our conversation, they shared how each winter in Florida keeps getting better because more of their friends are also beginning to retire and purchasing property close to them.  Their growing retirement crew has simply meant more people to round up for golf, tennis, pickleball, beach days, and poolside happy hours. 

I always enjoy hearing stories about couples sticking to their financial plan and living a life of financial independence in their golden years.  But this particular story isn’t about them.  This story is dedicated to the friends in their group that are “Feeling the FOMO” (Fear of missing out) when they see the pictures of their buddies on the 18th green while they’re stuck at work. 

If you’re this person in the friend group that is delaying your “Fun in the sun,” it may be a well informed choice.  You might choose to keep working because you are still passionate about your job and/or you have a clear plan for when it financially makes sense for you to gain more flexibility or fully retire. If that’s the case, good for you! However, if you’re putting off retirement simply because you don’t know where you stand and/or you lack confidence in the ability to sustain your desired lifestyle in retirement, this “FOMO” might be easily avoided.

Before you miss the next tee time or pickleball match, you would benefit from a conversation with Financial Coach. We can first help you determine what is possible, and then build a custom Retirement Gameplan that supports whatever timeline or arrangement you choose with your job. 

With our retirement planning software, Financial Coach can simulate and play around with all the cash flow and market scenarios to stress test your retirement income and give you clarity and confidence on where you stand.  Between social security selection, pension decisions, healthcare cost considerations, tax-efficient withdrawal strategies, and strategic investment allocations, Financial Coach can also help you execute the plan to make this all happen. 

The friend feeling the FOMO while his buddies are on the golf course is just one example of Retirement FOMO.  The example applies to the teacher that wants to retire to move closer to her kids and new granddaughter.  It goes for the consultant, engineer, or manager who wants to scale back hours and spend more time in that non-profit that they’re passionate about.  It goes for the nurse that wants to work less and more controllable hours.  It goes for the Hospitality coordinator that wants to spend their summers on vacation and attending events instead of managing them. 

Bottom line: if you are “Feeling the FOMO,” no more guessing.  There are tools and resources available to find the clarity that you need to make an informed decision.  There might be cash flow strategies available that can provide the lifestyle that you’re looking for.  We’re here to help…because your friends and family are out there waiting for you.

Investment Advice offered through FC Advisory LLC, a registered investment adviser doing business as “Financial Coach” and as “New Wealth Project”.  This content is provided for informational purposes only.  Views and opinions expressed are those of the authors and do not necessarily reflect those of FC Advisory, LLC.  Information provided is not and should not be interpreted as investment, tax, legal, or other professional advice or recommendation by FC Advisory, LLC or the members of our firm.  Always consult the appropriate professional regarding your specific situation before implementing any options presented or inferred.  FC Advisory LLC, All rights reserved.

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