February 2020
Last year (2019) we had around 12 million people in the UK over 65, and that number is due to keep growing as we are living longer.
Many fear running out of money, fear the shock of not working, fear the loss of a salary, fear stock markets and therefore stay in cash.
But most will spend less as they age, most will start to finally enjoy life, some will do part time work they want to do, most will need investment growth for 20 years.
A Money Marketing report (Nov ’19) stated only 45% of women and 59% of men can save enough for retirement, and that this drops by a third to 29% of women and 44% of men if they are divorcees.
Income
Retirement income is not just about pensions, it can be made of other investments including ISA’s, Unit Trusts, Bonds and Property Income. Tax reliefs and allowances exist for all and need to be used effectively and efficiently. You can be retired nearly as long as you have worked, and whilst we have big financial demands at certain times in our lives, we need to think about what kind of future we want.
Forging a career is not for everyone and neither is working long hours in a stressful environment. Working life does not have to be hard and tiring, even if it often is, it can and should be the life
you want.
Just remember though that unless you are to receive an inheritance or lottery win your future is based on your present finances.
What do you want?
As a New Year’s resolution why not commit to reviewing your life, by asking yourself whether you are doing what you want with your life.
This can be a difficult question to answer, because if the answer is no then you need to decide what it is you do want, and how you are going to achieve it. Helping people answer these questions is a great part of my job.
We can help you look at things differently and play with your numbers to see what they mean to you. Money is an enabler and we can help make sure yours is set up correctly to maximise it’s potential, whilst enabling you to live the life you want.
It costs nothing to talk to me and may cost your future self a lot more if you don’t, call me on 01480 869466
