Walking into the gym sporting my new thin-soled sneakers, my trainer nodded his approval at my bid to add this non-technological shoe to my workouts. These shoes, sometimes called barefoot shoes, are meant to provide the foot with a more natural experience-unlike the effects of the technologically 'enhanced' shoes that provide layers of support and cushioning. After the workout, my trainer Jason told me it was ok to wear them on the treadmill, but initially only for a short time to acclimate my body to a different feel and foot positioning. He advised me to wear them for ten or fifteen minutes then switch to my regular shoe.
The next time at the gym, sporting my new kicks, I hopped on the treadmill and proceeded to workout for the next fifty minutes non-stop. Approximately thirty minutes in, I noticed an odd feeling above my inner ankle area, that began with a dull ache and expanded to a shockingly stark pain by the time my cool down ended. I knew then, what was said to me was not a mere suggestion, but a warning of prudent behavior. I gingerly stepped off the machine to stretch a bit before heading to the shower. My leg was telling me stories of my own stupidity and I had no one to blame but my own laziness.
The night of this ill-fated workout, I met with a client to present our findings of their financial position. In preparing their plan, it became evident that this couple, in their late fifties and quickly approaching retirement, were overspending to a dangerous degree. They had lifestyle commensurate with not having children and two earners who made a substantial income. They traveled, they enjoyed, they lived fully-they now had to confront a new reality.
"Unless you cut your discretionary spending by 35% and invest these funds appropriately, your chance of out-living your resources is very significant." I stated clearly.
Staring down at the numbers on the plan, Anthony was the first to react.
" I will go back through the numbers and verify them again. There must be something wrong."
Carly, staring at the same page, replied, "Yes, there is definitely something wrong. We spend too much money. " Her tone was measured and without emotion.
I reviewed some methods for harvesting their considerable bounty and the impact it will have on their future options.
Anthony said, "Well, if I work to age seventy, instead of retiring at sixty six, that will help, right?"
"Absolutely, it will help. But, what happens if you can't work; something happens to you or the company? You then have no options."
He nodded, but persisted. "So we will review these numbers, I mean, we don't have to do anything tomorrow. We can think about a strategy and then over the next year can settle on what we will cut and then really save."
"No, you can't wait a year. You need to discuss your strategy and make sure you are up and running within thirty days. The clock is not in your favor-as you said so perfectly earlier, you're not twenty. That being said, it is your money and your future-I can only advise you, guide you and give you my best advice. What would you gain by maintaining your current spending levels for another year? It would just shorten your period to impact your future security."
They nodded their understanding and we ended the meeting. As they left, I wondered if they would be limping into retirement or striding strongly with options and a well conceived plan for their next chapter. Sometimes, we have to learn the hard way.
