When I’m managing finances and investments in retirement, help me to access resources for financial advice and retirement income planning, so that I can ensure financial security in my later years. In this scenario we meet Henry as he navigates managing finances and investments in his retirement, leveraging deliberate decision-making tools to enhance his financial security. For many people money is a topic loaded with emotion and fear. And in retirement years knowing that funds are dwindling down can be anxiety provoking and lead to seniors becoming withdrawn and per-occupied with finances.
Henry, a retired professor in his late 70s, has a routine that includes checking his stocks and reviewing his investment portfolio, habits he’s maintained for years. Lately, he’s been feeling uncertain about the financial security of his retirement. He is accustomed to his familiar investment strategies and advisors and had planned on staying the course well into his years. However now he is beginning to struggle when he notices a decline in his investments’ performance. He becomes anxious and emotional, imagining a catastrophe of going broke well before his passing.
How he is approaching this has changed lately after he learned about decision making in his senior years through course work with Deliberate Decision Making. During these moments of uncertainty, the prefrontal cortex—the region responsible for decision-making and problem-solving—activates as Henry becomes aware of the need to reassess his financial strategies. What once initiated anxiety, he handles differently now by following the DIY tool kit. The awareness of the struggling moment and a attitude of curiosity marks Step 1 in his journey of making a Deliberate Decision that will result in a successful change and new learning.
Step 2 involves Henry researching and rewards and consequences as well as connecting his need for financial stability with other important needs in his life. He explores various financial advice resources and retirement income planning services. He links the outcome to rewards such as financial stability, peace of mind, and continued security in his later years.
In Step 3 he begins to seek solutions. After researching what solutions are available, Henry develops outcome statements to focus the selection process. He aims to develop a revised investment strategy and retirement income plan within the next six months to ensure his financial security in retirement.
Step 4 finds Henry grappling with trade-offs and ranking what matters most to him. He considers risks, returns, and the level of control he desires over his investments and retirement income. After he has ranked the outcomes based on if he will change his investment strategy, he now has a clear understanding of what matters most.
Committing to his plan in Step 5, Henry aligns his values with his financial strategies. He sees the importance of seeking professional guidance, selecting services and advice that resonate with his financial goals and values. Its clear that he needs to make a change and he is ready to do it. This is a big difference for Henry who before using the DDM tools would often turn off his computer and put his stock statements back into the file cabinet, wanting to just ignore the whole mess.
Step 6 sees Henry organizing his action plan, adding financial consultations and investment reviews to his calendar. He compiles his financial documents and prepares questions for his financial advisor. He prepares to share with his financial advisor what it is exactly they need to do for him to meet his goals.
In Step 7, Henry takes action. He meets with financial advisors, restructures his investment portfolio, and adjusts his retirement income plan based on the advice he receives. Initially, he encounters challenges with adapting to new financial strategies, feeling hesitant to deviate from his familiar investment patterns. He recognizes this is the threat of uncertainty sneaking into his mind and causing him to want to down regulate back into his unsuccessful but familiar habits before.
Step 8 involves Henry evaluating the impact of his decisions on his financial status. Despite initial setbacks, he observes improvements in the performance of his investments and feels more confident about his retirement income. With the use of deliberate decision-making tools, Henry overcomes cognitive rigidity and frustration, enabling him to focus on the positive outcomes of his financial efforts.
Recognizing areas for improvement in Step 9, Henry decides to further diversify his investments to minimize risks and enhance his long-term financial security.
Finally, in Step 10, Henry shares his journey and newfound strategies with his adult children and peers. He advocates for financial planning in retirement and encourages others to seek professional advice for a secure financial future.
Henry’s outcome statement has become the guiding benchmark for his financial decisions. Through his systematic approach, Henry reassesses and optimizes his financial strategies, ensuring his financial security in his later years. His transformation demonstrates the power of deliberate decision-making tools in enhancing focus, capacity, and ultimately, financial security.