Standing on the precipice of the next chapter of your life, the one normally called retirement is often both thrilling and daunting.

On one hand there’s all the stuff you’ve been dying to do once you had more time. The travel, the hobbies, the increased time with people you love and like.

But on the other hand, there’s a nagging doubt. A worry which doesn’t seem to want to go away.

Will the money last?

A recent UK study found the three quarters of people with defined contribution pension savings felt they weren’t on track for a decent standard of living.

However, what if I told you, probably surprisingly, that there are several Buddhist teachings which really help us think about money in a different way which might help us think about money in a healthier way in retirement.

It might sound surprising , but Buddhist philosophy has a lot to say about anxiety, money, and finding peace of mind.

You see the Buddhists, whilst having a decent number of fairly deep philosophical insights, were also realists.

They were never about shunning the material world, instead they had a realistic understanding that whilst there were some very devout Buddhists monks who did renounce their worldly good, the rest of us need to live where we actually actively use money to live the lives we want!

The Buddhists encouraged being financially free, caring for our responsibilities and doing things which made our life better with the money we earned.

However, I believe where the Buddhists has unique insight is their teachings about the importance of practicing nonattachment to wealth.

Of course, it’s healthy to manage and enjoy your money… but in the same way as all of your identity being tied up with your work, having the whole of your identity tied up in how much wealth you’ve built up isn’t particularly helpful either.

One core teaching in Buddhism is that suffering comes from grasping and attachment. When we hold too tightly to anything – including the idea of financial certainty – we set ourselves up for stress.

As Buddhist writers note, it isn’t how much money you have that determines your peace, it’s how you feel about the money. “Grasping isn’t about how much we have… it’s satisfied (when) the heart isn’t grasping,” meaning a person with modest savings can feel content, while a millionaire may still feel miserable if they’re caught in endless worry.

No amount of money will ever feel “enough” if our mind doesn’t think it is.

In a previous video, I spoke about how mindset is such an important factor when it comes to our financial wellbeing.

Part of the challenge we face in an individualistic society is the messages we get is that ‘enough’ materially is never enough. However, I know both in my own life and though the work I do in helping clients, I know that’s not true.

There’s two parts of this journey. First, it’s getting clear what enough looks like for you.

The solution to this is super practical. You plan.

I always say to my clients, it doesn’t matter whether your plan tells you that you’ve already achieved financial independence or you are a million miles away.

By properly planning financially you’ll have one thing, clarity.

Now, you might want to get clear on your plan by working with your financial planner or, as a starting point, if you wanted a ready reckoner on how close you are to financial independence, our most popular video on “What Happens Next” talks through the three steps to consider when working out your figure of financial independence.

The second part is to think about the stories you tell yourself about money.

The reality is that all fears are simply a bundle of thoughts, feelings and stories we tell ourselves.

Some stories help us do things in our lives. Others might be designed to protect us. Others simply might do us no favours at all and if you’ve told yourself stories about money over the years which haven’t served you it might just be time to change your narrative.

I’ve done some amazingly insightful interviews on What Happens Next with people like Catherine, Christine, and Dennis where we talk about how important examining and then potentially changing the stories we tell ourselves about money might definitely be worth doing.

The reality is that with financial clarity and positive money stories you can get closer to what the Buddhists call “a secure and contented mind” when it comes to your money… which you can feel “enough-ness” financially a lot earlier than you think.

Now, as we’re on the stories we tell ourselves about money. Let’s talk about neutrality.

You see the Buddhists didn’t consider money to be bad. Material wealth in Buddhism is a neutal tool (like a hammer) with the ability to used skilfully or unskilfully.

Money can help us live the lives we want and support the ones we love to do the same.

It can of course be used for nefarious purposes. It however allows many of the people I meet and speak to not only to live the lives they truly want, but also to do a decent amount of good in the world.

So, the one question to ask yourself is…

How do I use my accumulated wealth to live the life I want?

How can I use my money “hammer” for good, either for me, my family or poeple I can help?

And

What does that practically look like?

My last Buddhist tradition we should follow when it comes to our future financial plan is the importance of community when it comes to Buddhist life.

You see in Buddhist tradition, the Sangha (community) is one of the pillars of support on the path to peace.

In modern terms, that means don’t do it alone. Particularly when you’re thinking about your medium to long term financial plan.

Talk to your partner, friends, or colleagues who are thinking about ‘what happens next’ in their own lives.

Sometimes a casual chat about pensions over coffee can reveal new ideas or at least reassure you that your anxieties are shared (you might even laugh together about the absurd parts of retirement planning)

If you have grown children, consider discussing your plans with them too and often having a decently transparent money conversation can relieve pressure on both sides.

Professionally, there are many resources: retirement planning workshops, financial education seminars (often free though local councils or libraries), and online forums for retirees as well as ‘paid for’ professional advice if that’s the route you want to take.

In summary, there’s some interesting insights we can take from the Buddhists when it comes to our financial affairs.

Firstly, understand that money is a useful tool but over attachment can be psychologically and emotionally unhealthy.

One way to avoid that emotional attachment that money is simply a tool designed for us to do one thing. Use so we can live the lives we want.

Therefore, the stories we tell ourselves about money are often unhelpful and that’s why it’s worth examining the stories we choose to tell ourselves about those stories.

And

Don’t do it alone. Get Help. Speak to the ones you love or get professional help. Virtually every philosophy for thousands of years understands the importance of trusted community, including the Buddhists, so if you need help to clarify your financial plan, it’s worth seeking it and getting it.

For more information on why your mindset is so important in retirement, not only from a financial perspective but also how you approach the entire next chapter, let me recommend this video.

And

For the amazing interview we did with Catherine Morgan which contains so many insights about the stories we tell ourselves about money, feel free to watch this video here.