Wealth whispers – money shouts
Procrastination around financial planning stems from fear, lack of knowledge, some shame and not knowing who to trust
The old adage stems from the fact that the wealthy know a thing or two about creating and keeping wealth. They have learned about the quiet arts of compounding and patience. They understand the importance of correct asset allocation and the delicate balance between risk and reward. They are wise to tax management and inflation, and they know that financial plans must adapt as life changes. But most importantly they don’t do this alone. They seek out talented and trusted professional navigators. People they can trust to care for their wealth and their family. The last decade has seen a retirement revolution. Often, people don’t stop paid work but choose other roles – running a small business or working as a locum, consultant or non-exec. They work in ways that fulfil their dreams and relieve their stresses. This begs two questions. How much do you need to comfortably retire and when can you do it?
There are multiple variables to consider before you can arrive at your answers. Health, lifestyle, timing, dependants and, ultimately, the nature of your dreams. Historically, the rule of thumb has been to take your annual salary at retirement and multiply by 10. The financial planning that we do with clients generally targets this size of pension pot. The earlier you start, the easier that figure is to achieve. However, middle age is often when we are at peak earning capacity with fewer demands on our income so this is when Government boosts to pension contributions can be used to maximum effect. Pension rules have become significantly more flexible, giving you more choice than ever about how and when you retire. Having a plan is the first step to take control of how to do it successfully.
Young people entering the world of work are in a better position to plan their future than ever. The Government’s mandatory company pension schemes is raising awareness of their financial planning and the long-term implications of what they invest now. Parents can help by adding to their children’s pensions and openly planning inheritance strategies with them. Having a trusted professional navigator helps bring objectivity which is always a sensitive topic. If you’d like to review your current financial position and discuss how we can help you bridge where you are now with where you want to be, get in touch for an initial chat.
The value of an investment with St James’s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependant on individual circumstances.
CONTACT
We provide investment planning; retirement planning; protection; estate planning; specialist banking, cash management* and mortgages and
business planning. To find out more, call 07539 414 058 or 0131 459 9200, email anna.miller@sjpp.co.uk or visit www.annamillerwm.co.uk
*We can provide access to specialist banking and cash management services.
Your home may be repossessed if you do not keep up repayments on your mortgage.