Most people want to enjoy themselves during retirement with the confidence their money won’t run out.

We recently met with a retired couple in their 70’s to provide them with guidance around what they could do differently with their money to ensure it lasts as long as possible. And at the same time provide them with options and choices to live life the way they want.

They also highlighted the importance of getting their children on board to make sure they were across any financial decisions that were being made, as one day this would directly impact them.

When they shared their intentions with their children, instead of offering their support around our recommendations, they felt their parents had enough money and that they could help them manage it more effectively than a qualified adviser. And a result, the couple felt they no longer needed our support.

This is an all too common example where people take advice from well-intentioned loved onesat the expense of getting advice from professionals who do this for a living.

Our greatest concern is there are so many events (over and above someone’s investment portfolio) that can take place in a retired couples’ life, expected and unexpected, that have a financial implication or require a financial decision to be made.

And it’s these important and often sensitive decisions that are best handled with the guidance from an objective, qualified adviser. It can make all the difference to the quality of life you can enjoy nowand well into the future.

Although we can’t make someone take our advice, we hope by sharing examples like this we can help others realise the potential risk of leaving the management of your financial affairs and ultimately your livelihood in the hands of adoring, yet unqualified loved ones.

What influences your financial decisions?

It’s normal to listen to our family and friends and to rely on them for guidance when it comes to managing our money. Sometimes their advice is what we want to hear, and sometimes it’s not. However, we always trust that they have our best interest at heart.

They key is to know when to listen to what they have to say, and when it makes sense to get a second opinion from an expert.

You can choose how you want to make decisions to live you best life.

That decision is in your control.