Focus on Time, not Money in Retirement

Affluent Americans should focus their energies on making the best use of their time in retirement, not just amassing and managing their money. So said a new study by PNC Wealth Managment Company.

The survey of 1263 wealthy Americans revealed that 15 percent say they are saving as much as they can but are unsure whether they will meet their retirement savings goal. Another 11 percent report they are behind schedule in their contributions and 8 percent do not have a retirement goal.

The survey revealed other attitudes about wealthy Americans’ views of what retirement means to them, what they hope to do with their retirement and advice from wealthy retirees for peers who are still working.

Paul Gaudio, a senior wealth planner with PNC Wealth Management in Princeton, N.J., is not surprised that so many are uncertain about their goals. “The last 18 months have made everyone re-evaluate their goals, no matter how much money they make. But in my experience nobody, particularly those earning more than $150,000 per year, like to admit defeat or mistakes, and so they create financial illusions to rationalize their retirement plans.”

To most, retirement means a break with life as usual. Most envision retirement to be unscheduled, living every day as different, PNC’s survey findings revealed.

“This is important for advisors to know, as the retirement conversation may be more effectively framed around a discussion of spending time as opposed to money,” Gaudio said.

(photo credit: Newscom)