This implication has been the biggest mistake of the retirement savings industry. The idea that retirement is simply an economic cliff for which we must have a parachute ready at age 62, 65 or whatever age has been like the primary motivational message the industry has offered for the last 40 years.

The problem is that many people are preparing a golden nest egg that will be placed in a dying tree. The nest egg is their retirement savings and the dying tree is their retirement life. Retirement is a life event, not an economic event. We must stop treating retirement as an exclusive economic event. We need to develop a more holistic approach that integrates an individual’s aspirations, life stage, familial responsibilities, health issues and concerns about money. People want to explore the connection between their money, their soul and their life as a whole.

There are many wise advisors in the retirement planning industry that have realized the importance of a life planning approach versus the monotonous money – crunching retirement planning. In the story of life money is just one character. It is not the story, it is not its core. People today want to talk to advisors who recognize the need to look at the stage of life where they are and the stage of life they are approaching and then explore the money issues that are relevant to these stages. In one of the next chapters of this story I introduce you to an idea called the money quotiënt. It is a way to measure both your practical and emotional knowledge of money issues and how they are affecting your quality of life. You will be guided down a well-defined path of money intelligence.