Aspire to retire well

​Summer draws to a close and family chat turns to foreign holidays: where you’ve been, what you’ve done, the fantastic food and drink you sampled… well, this year, perhaps not so much.

The buzz word this summer has been ‘staycation’.  UK seaside towns have been busy with folk who usually take off for warmer climes, maybe you were one of them, maybe you were under canvas, or even trying out a campervan.

This reminds me of a lovely story about a client of ours who in his retirement aspired to the freedom of hitting the road in a brand-new campervan. He achieved this and is now living his dream. 

As with holiday aspirations, retirement plans may change over time but an ambition of any sort helps you to plan and focus on achieving your goal.

Jim, who bought the campervan, had been - and still is - a longstanding client. He worked in the automotive component manufacturing industry, earning a moderate income and, over 25 years, he regularly consulted us. He changed employers several times and we advised him on his pension arrangements and investments. Together, we always had in mind his ultimate dream. We had regular discussions, providing projections of when he could afford his dream, until we reached the point when that could become a reality. This was at the age of 56 - nine years earlier than he had hoped.

​There’s no reason why Jim should be an exception. It wasn’t a matter of luck. He didn’t win the lottery or inherit a fortune. He was able to fulfil his dream by planning, by talking to us and by regularly reviewing his plans with us.

Take a moment to stop and consider your aspirations.

Research shows that the over 65s spend their money on all sorts of things that they hadn’t been able to while working.  We’ve had clients fulfil their aspirations of building the most beautiful country house, of travelling to countries they’d only previously seen on TV, of managing a winter cruise each year enjoying the break from everyday living. We’ve had clients take up new hobbies, equipping themselves with state-of-the-art cycling, sailing or fishing gear.  We’ve had clients who have managed to reach their aspiration of visiting family on a regular basis – wherever in the world.  We hear about new goals all the time and a recent aspiration to make the retirement dream list is plastic surgery.

Whatever it is you want to achieve, take time now to think about your retirement aspirations, it will help you to plan a financial route to get there.

But remember: professional advice may be useful, especially in the years leading up to retirement. A financial planner can help you work out how much money you will need to live on after and during retirement, and budget appropriately.

This article is for information only and should not be construed as advice or a recommendation. The investment strategies mentioned are examples only and may not be suitable for your particular: circumstances, tax position or objectives. Please seek independent financial advice before taking any action.

Investments carry risk, capital invested may go down as well as up and you may not get back the original capital invested.

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