It used to be that 65 was the age for retirement after working a lifetime for one company. For most of us that is no longer the case.
Retirement is no longer an event celebrated on one's 65th birthday
- it is a period of life when one is perhaps no longer earning a regular income from the main employment one undertook until then.
January 1 2011 marked the day that many people consider the first so-called 'baby boomer' turned 65.
As medical science helps us live longer, demographics tells us that life expectancy continues to increase.
With this, the harsh reality of working for longer has set in for many.
Whilst some simply can't afford to retire at 65, others simply don't want to retire.
One of my aims for my clients is to help them have the choice of when to retire through gaining financial independence.
Without this, the choice may be made for us.
Last October, the French parliament raised the retirement age from 60 to 62 - despite rioting in the streets by French citizens in protest.
At about the same time the reforms in Spain mean their retirement age will soon move from 65 to 67 and that is what has happened here in the UK with even older ages being discussed.
Though turning 65 doesn't have to mean mandatory retirement I still suggest that in advance of 'retirement'- whenever that is for you and whatever it may mean, it is worth reviewing your financial situation, principally to ensure you don't outlive your means.
You may like to look at my website on the 'How much is enough?' page
http://www.iangreen.com/timeline.php
Alternatively, as a start, you may wish to consider the LIFESTYLE you wish to maintain during retirement and the LIFE INCOME you'll need.
You may also want to think about financial LIFEBOATS to have at the ready, should the unforseen occur, such as long term care and private medical arrangements
With these numbers in mind you can start to work out if and when you can retire, or what retirement will mean to you.
If you don’t want to do the maths, or the number crunching or any of the ‘financial stuff’ yourself, we'll help you to do that.
Perhaps just as importantly as the figures, we’ll also help you to explore the personal issues that matter to you, such as what you want to do in retirement and who you want to do it with.
You may not know when you want to 'retire' yet.
As a small, bespoke, personal, family business we prefer to take the time to get to know you as retirement approaches.
We promise you won't have to hang on the telephone, or choose push button options.
You'll always be able to speak to a person.
And they will know who you are and what you are doing. You won't have to explain it all, again, to someone else! (sound familiar when calling your bank or utility providers?)
We are not the cheapest, but you can be assured you'll find us of value.
We offer an initial meeting, at our expense, so you can ‘try us out’ to see if we do what we say we will do, and determine if you think we can provide a valuable service for you and most importantly of all to see if you wish to work with us on this important matter.
After all, retirement may well be the longest financial time period in your life after working – a 30 year retirement is longer than childhood, time in education and most mortgages are only 25 years.
Whether with our assistance or not, we wish you a happy, healthy and prosperous retirement, whenever that is and whatever it means to you.
important footnote: This blog post was inspired by an article entitled 'Age is just a number' by Kelly Biasco in the MDRT (www.MDRT.org) magazine 'Round The Table' (www.roundthetable.org) - I urge any financial planners to join MDRT if they meet the qualification criteria as it is an excellent global organisation with tremendous educational resources. MDRT - The Premier Association of Financial Professionals
Showing posts with label retired. Show all posts
Showing posts with label retired. Show all posts
Monday, 7 February 2011
Thursday, 21 October 2010
Dear Diary, Thursday
I was so busy last week I didn’t have time to blog.
So this week I thought I’d write up a diary of last week to give a little insight as to what I get up to, where I do it and who I do it with!
Thursday 14th
An exception to the norm today as I join the throng of commuters heading into central London. I truly could not be happier at having relocated my work base out of the City of London. The sheer additional quality of life, not to mention the time gained, by NOT commuting each day is fabulous. However, today, my Oyster card will be pushed to the limit!
From Putney to Waterloo on 'the big train' as my son used to call it and then underground. My destination is The Institute of Directors on Pall Mall to meet with a software supplier. I am currently updating my CRM system having used ACT for many years but wishing now to migrate to a ‘cloud’ based solution. This will give greater security and flexibility.
Onto the tube and from The West End straight back to SW London and a meeting in Wimbledon. The client was recommended to me by their accountant. Over the years the client has built up a number of investments, in a number of places, with a number of providers. Some have been good, some not so good and some not very good at all. Having thoroughly reviewed the portfolio (at no cost to the client – this is so they can experience my work for what it is and to see if I really ‘do what I say I will do’ – this is a courtesy I extend to all introduction from accountants or solicitors) I make my recommendations. A short big red bus bus ride shared with some college students (and without wishing to sound TOO Victor Meldrew I am sure I didn't make this much noise or mess or swear quite so much was I was a lad...) takes me to their home.
At the first meeting the client expressed concerns over the investments in that they didn’t know what they had, where it was, how much it was costing or how it was doing. They also expressed a desire to ‘simplify’ the whole situation, their desire these days (in retirement) to have a less hands-on approach with a preference for being told what was happening in a clear, jargoin free manner .
I was delighted to be able to provide that service and now the administrative task begins of consolidating the investments to bring lower cost, simplified administration and regular monitoring and management.
Jumping back onto public transport I zoom all the way across London from West to East, taking in the main line rail, the tube, and the new overhead network, to a meeting at a corporate client in Shoreditch. Today I am wearing full smart business attire which looked fantastic at my retired client’s home but looks hugely out of place in the trendy hotspot of East London (Not only does my suit mark me out as an outsider but also the use of the words here, ‘trendy’ and ‘hotspot’!)
Transport for London (TfL) seems to be conspiring against me and I have to be there by 4pm so I run the mile or so from the station to their office, in formal shoes, suit & tie and with case. Only to find their lift out of order and I need to walk up the 8 flights of stairs.
I arrive on time, just, and more than puffing lightly!
A very enjoyable meeting with the MD, helping to tidy a few pensions collected over previous employments and then a short while with a new key employee, enrolling him into the pension scheme and assisting with a few elements of generic financial advice in other areas whilst there.
Many employers engage me to perform this role, reasoning that if their key employees have access to a trustworthy, dependable, independent adviser to assist with financial matters it is a valued employer provided benefit and saves the employee having to DIY their finances in their own time (or even sometimes in worktime!)
Reversing my travel I head back East into town I have the carriage to myself for a while until we pass through the middle and continue out to the West and I am joined by the commuters heading home. Squeeze off at Putney and then walk the brief journey home grateful I won’t have to spend as much time on trains tomorrow as I have today.
So this week I thought I’d write up a diary of last week to give a little insight as to what I get up to, where I do it and who I do it with!
Thursday 14thAn exception to the norm today as I join the throng of commuters heading into central London. I truly could not be happier at having relocated my work base out of the City of London. The sheer additional quality of life, not to mention the time gained, by NOT commuting each day is fabulous. However, today, my Oyster card will be pushed to the limit!
From Putney to Waterloo on 'the big train' as my son used to call it and then underground. My destination is The Institute of Directors on Pall Mall to meet with a software supplier. I am currently updating my CRM system having used ACT for many years but wishing now to migrate to a ‘cloud’ based solution. This will give greater security and flexibility.
Onto the tube and from The West End straight back to SW London and a meeting in Wimbledon. The client was recommended to me by their accountant. Over the years the client has built up a number of investments, in a number of places, with a number of providers. Some have been good, some not so good and some not very good at all. Having thoroughly reviewed the portfolio (at no cost to the client – this is so they can experience my work for what it is and to see if I really ‘do what I say I will do’ – this is a courtesy I extend to all introduction from accountants or solicitors) I make my recommendations. A short big red bus bus ride shared with some college students (and without wishing to sound TOO Victor Meldrew I am sure I didn't make this much noise or mess or swear quite so much was I was a lad...) takes me to their home.
At the first meeting the client expressed concerns over the investments in that they didn’t know what they had, where it was, how much it was costing or how it was doing. They also expressed a desire to ‘simplify’ the whole situation, their desire these days (in retirement) to have a less hands-on approach with a preference for being told what was happening in a clear, jargoin free manner .
I was delighted to be able to provide that service and now the administrative task begins of consolidating the investments to bring lower cost, simplified administration and regular monitoring and management.
Jumping back onto public transport I zoom all the way across London from West to East, taking in the main line rail, the tube, and the new overhead network, to a meeting at a corporate client in Shoreditch. Today I am wearing full smart business attire which looked fantastic at my retired client’s home but looks hugely out of place in the trendy hotspot of East London (Not only does my suit mark me out as an outsider but also the use of the words here, ‘trendy’ and ‘hotspot’!)
Transport for London (TfL) seems to be conspiring against me and I have to be there by 4pm so I run the mile or so from the station to their office, in formal shoes, suit & tie and with case. Only to find their lift out of order and I need to walk up the 8 flights of stairs.
I arrive on time, just, and more than puffing lightly!
A very enjoyable meeting with the MD, helping to tidy a few pensions collected over previous employments and then a short while with a new key employee, enrolling him into the pension scheme and assisting with a few elements of generic financial advice in other areas whilst there.
Many employers engage me to perform this role, reasoning that if their key employees have access to a trustworthy, dependable, independent adviser to assist with financial matters it is a valued employer provided benefit and saves the employee having to DIY their finances in their own time (or even sometimes in worktime!)
Reversing my travel I head back East into town I have the carriage to myself for a while until we pass through the middle and continue out to the West and I am joined by the commuters heading home. Squeeze off at Putney and then walk the brief journey home grateful I won’t have to spend as much time on trains tomorrow as I have today.
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