Is FORO Holding You Back From Enjoying Retirement?

Most of us are familiar with FOMO – the fear of missing out. But there’s another type of fear that affects many Australians as they approach or enter retirement. It’s called FORO, or the fear of running out.

And for some, it’s holding them back from truly enjoying the retirement they’ve worked so hard to achieve.

I first heard the term from Mark and Susan, a couple who came to Insight Wealth Planning looking for advice. They had just retired after decades of hard work, raising a family, paying off their mortgage and saving carefully for the future. They had done everything right. But instead of enjoying their new chapter, they were anxious. They avoided dinners out, skipped holidays, and felt guilty spending money on anything that wasn’t essential. Even with enough savings to support a comfortable lifestyle, they couldn’t shake the fear that one day it would all run out.

If this sounds familiar, you’re not alone.

FORO is more common than people realise, particularly among those who’ve never had professional financial advice. But it doesn’t have to be this way. The key to overcoming FORO is having a clear and confident plan. One that gives you the freedom to enjoy today while protecting your future.

A Step-by-Step Plan to Help You Move Forward

When Mark and Susan sat down with us, we followed a simple process to ease their anxiety and give them clarity. Here’s how it worked, and how it can work for you too.

1. Understand Your Financial Position

We started by taking a detailed look at their financial situation. That included their super, savings, investments, Centrelink entitlements, and any debts. This helped us model their future cash flow and understand how much income they’d likely need in retirement. It also gave us a starting point for any future decisions.

2. Build a Balanced Strategy

Next, we created a plan that supported both their day-to-day needs and the things they wanted to enjoy in retirement. We reviewed their investments to ensure everything aligned with their goals and risk tolerance. We also worked out a sustainable withdrawal rate so they could confidently draw income without worrying about depleting their savings too quickly.

3. Prepare for the Unexpected

One of the biggest sources of worry in retirement is the unknown. What if something breaks? What if there’s a health issue? We built an emergency buffer into their plan, a financial cushion that would give them peace of mind when the unexpected happens.

4. Make the Most of the Early Years

We encouraged Mark and Susan to enjoy their retirement while they were healthy and active. Retirement isn’t just about saving, it’s also about living. Whether it’s travel, hobbies, or spending time with family, these moments matter. We showed them how they could access their super or savings in a way that supported the experiences they wanted to have.

5. Review Regularly

Plans change, and so does life. That’s why regular check-ins are so important. We set up ongoing reviews to track their spending, monitor their investments, and keep everything aligned with their goals. This helped Mark and Susan feel in control and confident with every step.

Managing Debt and Everyday Spending

One of the simplest ways to feel more confident about your retirement is to understand your everyday expenses and take control of any debt.

Start with a clear picture of your income, spending, and any outstanding loans. That alone can help identify areas to reduce costs and redirect money toward savings or other priorities.

From there, you can make informed decisions about which debts to pay off first, how much to put into savings, and how to manage your budget without sacrificing your lifestyle. Everyone’s approach is different, and what works for one person might not feel right for another. That’s where tailored advice can help.

Understanding the Age Pension

For many Australians, the Age Pension plays a key role in retirement planning. But eligibility is based on income and assets, so knowing where you stand is important.

The right advice can help you understand how the Age Pension fits into your broader financial picture, including how your super, savings and investments may affect your entitlements.

There are also useful tools available through Services Australia to help guide your decisions, but personalised advice can take it a step further and show you how to make the most of your retirement income.

Investing for Your Lifestyle

Investing for retirement isn’t just about growth. It’s about choosing options that support the life you want to live.

When considering investment strategies, we look at things like:

• Your lifestyle goals

• Your comfort with risk

• The types of investments available in your super fund

• The impact of tax and contribution caps

• Insurance needs for added protection

• And fund fees or performance history

These all contribute to making sure your money is working in the right way for your future.

Why Professional Advice Matters

Navigating retirement can feel overwhelming, especially with so many financial options and rules to consider. A qualified adviser can help you make sense of it all. They’ll take the time to understand your needs, help you explore investment and super strategies, and guide you in building a plan that gives you peace of mind.

This isn’t one-size-fits-all. The best advice is personal. It reflects your values, your lifestyle, and your goals, and it evolves as you do.

Retirement Should Be Enjoyed

When I saw Mark and Susan again recently, they were happy. They’d just booked a cruise, something they’d dreamed of doing but never felt comfortable committing to.

And that’s exactly why we do what we do. Because after years of working hard and saving carefully, you deserve to enjoy life without fear.

Let’s build a plan that gives you confidence and freedom in retirement.

Ready to get started?
Book a chat with the Insight Wealth Planning team.