So what's the biggest mistake people make when thinking about retirement?

I think the biggest mistake that I see is people concentrating too much on the finances and not enough on the softer side of things.

So one of the things that you see with people retiring is there's often a honeymoon period of between six months and two years where people, you know, really enjoy themselves, go on longer holidays.

But then sort of the reality of retirement hits and there's actually a bit of a bounce back, a sort of... depressive or just disillusioned sort of stage as you suddenly realise there's not much.

part of the discussion you would have at Milford is working out what are you going to retire to so then you can work out almost how much money you need?

Yeah, so it's not just about the money.

It's also about making sure people have the best possible retirement that they can get.

And a lot of that is some of these softer things.

They're in, like, the different risks from Sam and I.

Again, this is not financial advice.

Yeah, so that in...

Time's passed in different parts of history.

So the Japanese stock market at one point in time formed about 40% of global shares, and then it didn't go up for something like 30 years.

It crashed and stayed down for a long time.

So while the outlook is really good for artificial intelligence, you're just increasing your risk either on the upside or the downside.

can incorporate your daughter into this

What does an emergency fund look like? And you are in a bit of a personal situation yourself, Gareth, with this.

Yes, yes.

So unfortunately, my wife was diagnosed with cancer about two years ago and it was stage four cancer when it was found.

So at the time, you know, she wasn't able to work because of all the treatment.

So it was important that we had access to emergency funds so that, you know, obviously that was a huge shock and many people go through the same sort of challenge.

But we needed time to readjust and to... and to reorganise our lives a bit so that we could, you know, continue on as best we can.

And, yeah, you know, I'm just grateful that we had health insurance in place and some emergency funds so that we could reorganise things without it being, you know, it's obviously a disaster, but without it really affecting our financial life as well.

What does an emergency fund look like? So are you saying an emergency fund that isn't invested? Is that just money that's sitting there?