We were right to worry about Roy Hodgson

When Roy Hodgson bowed out from football management at the end of last season, we wrote about our concerns for him. It seemed like he just hadn’t planned his retirement. Whilst we were pretty certain that money wouldn’t be a problem for him, we were concerned that he hadn’t planned the non-financial aspects of his retirement.  

In his pre-retirement interview, Roy said “I am confident, with the support of my wife and my son, I will find things I enjoy doing”. He said he would “like to travel” (supporters of Crystal Palace and Liverpool still tell me that they wish he had travelled to Barcelona, Madrid, and Munich more often during his time there!), but, beyond that, he didn’t seem to have any plans.

He ended up by saying “with the support of my wife and my son, I will find things I enjoy doing”. But we aren’t about to blame his wife and son for his return to work.

Our experience of those who successfully retire is that they have planned what they will retire into (as opposed to what they are retiring from). US retirement guru, Joe Kesler, advises that those, who retire with four or more core pursuits, are the happiest when they stop work. He recommends that you spend ten or more hours a year planning the (non-financial) aspects of your retirement. We were worried about Roy because he didn’t seem to have spent any time planning his retirement, and he didn’t seem to have any core pursuits.

The good news for Roy is that unless the owners of Watford change their habits, it won’t be long until he is back to enjoying retirement.

We recommend that Roy spends at least ten of his hours at Watford planning the non-financial aspects of his retirement. We also recommend that he reads this blog post about why you need a non-financial plan.

We wish Roy well at Watford. But we think he needs to spend some time working out what he plans to do when he retires again. At 74, the average man has a 1 in 4 chance of living for another 18 years. And studies have shown that your chances of long life increase if you are affluent. Even after a few months at Watford, he will still have plenty of time to enjoy with his wife and son.

If you would like to plan your retirement better than Roy, please contact us.

Philip Wise | philip@sussexretirement.co.uk

Managing Director and Chartered Financial Planner

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