Retirees and Their Financial Personalities: Type 4, The Planner 

by Len Hayduchok

What does money mean to retirees in southern Delaware? The answer truly is “Different strokes for different folks.” Each person handles money according to their point of view and the values they associate with it. Some consider money for the security it provides, others for the pleasure and opportunity, and others the prestige. Taking a general look, we’ll consider the first 3 types of financial behavior.  

For Jamie (a typical “Spender”), it means a chance to enjoy life and spoil oneself and loved ones. Jamie will even pick up part-time work to make sure there’s enough to maintain a certain level of spending. For Pat (a textbook Saver), it means a sense of security knowing that there’s more than enough in the bank for whatever may come. Pat will even tuck away more than seems remotely necessary and choose not to join that group outing to make sure there’s an extra-large cushion (and somehow the sense of worry still crops up). Then there’s Jesse (a quintessential Investor), who is always checking for market fluctuation. Jesse’s need for spotting the next trend may lead towards risky and perhaps reckless ventures.  

As we consider our 4th type, we’ll continue using fictitious, non-gender-specific names. In this our last part of four, we’ll meet the PLANNER personality.  

Meet Chris. Chris is highly organized and loves spreadsheets. Chris will have a wide array of financial instruments including both insurance products and investments. Legal documents are probably in place. Chris is highly knowledgeable in many areas and quite savvy, having thought about most areas of finance. Chris does a lot of independent research. Should Chris happen to find $100 in a coat pocket the question would be, “How can I make the most use of it?” Chris’s overall personality is structured because Chris is a PLANNER. The financial priorities for Planners in retirement are to have everything in order, to have no loose ends, and to leave nothing to chance.  

The benefits to this personality are that they know a lot about planning in general and their full array of needs are largely met. The downside is that they can be procrastinators, and they seek perfection. And because of that it can take them a long time to make a decision. They’re continually looking for more information and might think they know more about finances than they really do. This can make them less coachable and even inflexible. 

Planners do have a need for a Financial Planner although it’s less than other personality types because they have a lot of things set. The financial strategies that Planners have the most interest in are “Minimizing Taxes” and “Transferring Wealth.” Planners often have limited practical experience in how to reduce their taxes, being one area of financial planning that Planners know the least about. The guidance of a skilled advisor can be valuable to fill in the retiree’s gap in knowledge. Additionally, Planners often have an interest in Legacy Planning to transfer their wealth to the next generation as effectively and efficiently as possible.  

What is the best financial personality? The best financial personality for a retiree is WHO THEY ARE! Often a retiree isn’t simply just ONE financial personality, but a combination of characteristics from each. Given one’s personality, it’s important to do finances in a way that takes advantage of strengths and minimizes weaknesses. If a retiree shares finances with a spouse or partner, it’s important to consider their personality with its preferences and strengths, to create a plan that best considers both personalities (including needs and preferences). 

Past articles in this series,   

“Retirees and Their Financial Personalities: Type 1, the Spender” 

“Retirees and Their Financial Personalities: Type 2, the Saver” 

“Retirees and Their Financial Personalities: Type 3, the Investor” 

Len, the Delaware Retiree Advisor, is a Fiduciary, Certified Financial Planner™ with over 30 years’ experience navigating the complexities of Financial Planning and Retirement Planning. As the founder of The Delaware Retiree Connection, and the director and owner of Dedicated Financial Services, Len offers his wealth of experience to guide others through the mire of Financial and Retirement Planning.  As a Certified Life Coach, he pairs his financial expertise with a heart to help others who want to make the most of their retirement plan.

Investment Advisory Services are offered through SGL Financial, LLC, an SEC registered advisory firm. Insurance products and services are offered through individually licensed and appointed agents in appropriate jurisdictions. Leonard Hayduchok NJ License #9243813, Dedicated Financial Services LLC, NJ License #1663601, Leonard Hayduchok, DE License # 1331748; Dedicated Financial Services LLC, DE License # 3000323897.

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