As we approach our planned pension age, we probably have one question front and centre of our mind – Do I have enough to retire?
If we seek advice this is probably the simple query that we would like an answer to.
We may be frustrated to learn that the simple question is unlikely to have a simple answer – well at least not without some more detailed analysis.
And that analysis is one of the key benefits of seeking professional independent advice.
There are a wide range of factors and considerations that need to be considered:
What return and inflation returns should be assumed?
What is the state of your health?
Do you want to leave a legacy or would your rather live a higher quality of living?
What exactly is your likely expenditure and how might this change over time?
Do you need to have guaranteed income, for life or just for a fixed period?
What are the retirement plans of your partner?
It is a bit like climbing a mountain – the vision is just to get to the top. But what are the base camps, what supplies will you need, what is the forecast, what happens if the weather changes, what happens if you get injured, what costs might be involved, who else needs to be involved?
We have produced simple graphic that looks at some of the areas that a financial planner will investigate and explore with you.
It might be a slightly longer answer than you hoped for – but you are likely to have greater confidence in your financial future as a result.
If you would like a copy of the Retirement Mountain poster please contact us.