Poet and playwright William Shakespeare was born in Stratford-upon-Avon in 1564 but the universality of his work means it remains as relevant as ever today.
Each year, on 23 April, the world celebrates National Shakespeare Day, commemorating the believed day of his birth, and the date of his death, at the age of 52, in 1616.
Five centuries on, Shakespeare’s insights into human nature, society, and love, still resonate with audiences and readers. Surprisingly, amid the war and passion, betrayal and comedy, there could be some financial lessons you can learn from his work.
Keep reading for three top tips for your retirement and beyond, from the pen of the finest English-language playwright of all time.
- “If money go before, all ways do lie open”
The topic of money arises in Shakespeare’s comedy, The Merry Wives of Windsor. The farcical plot revolves around Sir John Falstaff’s attempts to seduce the wives of two prominent Windsor gentlemen, while the objects of his affection (Mrs Page and Mrs Ford) attempt to expose his womanising.
In Act 2, scene 2, Mrs Ford’s husband, currently in disguise as “Mr Brook”, offers the above line to Falstaff. The latter replies, “Money is a good soldier, sir, and will on.”
Retirement saving is a long-term proposition, so it can be helpful to take regular stock of why you’re putting your money aside. You’ll have a dream retirement in mind and it’s your accumulated pension pot that will open up this opportunity, making the dream a reality.
You’ll need your money to be a good soldier, working hard for you.
Early saving allows the longest time for your pot to grow and ensures you make the most of investment returns and compound growth. Regular reviews can give you peace of mind that you’re still on track or provide timely warnings if you need to make changes, to asset allocation, say, or risk level.
Think carefully about the type of retirement you want, and how your invested fund can make that happen. Your plans won’t be set in stone but having a goal is key.
- “No profit grows where is no pleasure taken”
The Taming of the Shrew has been adapted multiple times, from Kiss Me Kate and 10 Things I Hate About You, to Franco Zeffirelli’s 1967 version starring Elizabeth Taylor and Richard Burton.
In the play, Tranio is speaking about education when he says “No profit grows where is no pleasure ta’en. In brief, sir, study what you most affect.”
The idea that you’ll gain the most profit from things you enjoy isn’t reserved for learning. It can be taken into both the accumulation and decumulation phases of your retirement plan too.
At Murphy Wealth, we can help you put a plan in place that allows you to live a comfortable present while you save for your dream future. Budgeting to enjoy yourself now is an important part of keeping your longer term plans on track. Equally, though, knowing that your dream retirement is just around the corner should make the hard decisions that little bit easier.
In 2022, Royal London found that 72% of over-55s valued experiences and memories over material possessions. Whether you want to travel the world or stay at home with your family, you’ll take the greatest pleasure from doing the things that make you happy.
As Gratiano puts it in Act 1, scene 2 of The Merchant of Venice, “With mirth and laughter let old wrinkles come.”
- “Neither a borrower nor a lender be”
In Act 1, scene 3 of Hamlet, Polonius utters this famous line in a speech to son Laertes, before the latter departs for university in Paris.
The dangers of, especially high interest, debt are well understood. Taking debt into retirement means that some of your pension income will be directed to paying off this debt, rather than on your desired retirement lifestyle. Working to enter retirement debt-free could make a huge difference.
It’s also important to think about the money you lend. The last few years have seen a global pandemic followed by a cost of living crisis. This has put a lot of strain on the so-called “sandwich generation”, those with financially dependent grown-up children and elderly parents.
When your loved ones are struggling you might be tempted to open the Bank of Mum and Dad, or the Bank of Son or Daughter.
If you opt to support loved ones, be sure to have frank and open discussions first, including about your dependents’ current provisions and their future plans. You’ll also need to make clear whether the money you can spare is a loan or a gift. Communication ensures both sides are on the same page and can help avoid more difficult conversations later on.
Remember, “No legacy is so rich as honesty” (Mariana, Act 3, scene 5, All’s Well That Ends Well).
Get in touch
We can help you manage the whole of your retirement journey, As You Like It. So, if you have any questions or you’d like to discuss any aspect of your long-term retirement plans, please email us now at beyourself@murphywealth.co.uk or give us a call on 0141 221 5353.
Please note
This article is no substitute for financial advice and should not be treated as such. To determine the best course of action for your individual circumstances, please contact us.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The information contained in this blog was correct at the time of writing and may be outdated at the time of reading.
Production